700 W State Highway 114
Grapevine, TX 76051
Brickhouse Tavern + Tap (Excellent Sales) · Retail Property For Sale

The subject offering affords investors the rare opportunity to acquire a trophy asset mere minutes from the Dallas-Fort Worth International Airport – the second largest airport in the United States and the third busiest airport in the world by aircraft movement. The 7,876-square-foot building is situated on a large 1.33-acre parcel along Highway 114 and benefits from massive traffic counts and exceptional retail synergy in the immediate trade area. After successfully operating as a strong performing Macaroni Grill from more than two decades, restaurant ownership transitioned this unit to a higher performing Brick House Tavern + Tap in 2015 – a process in which the tenant deployed several hundreds of thousands of dollars towards capital improvements. Since its grand reopening in the spring of 2015, this unit has been an excellent performer and has posted sales figures that exceed the national averages of competing concepts such as Buffalo Wild Wings, TGI Fridays, and Chili’s. Due to financial struggles stemming from bad investments in Macaroni Grill and Joe’s Crab Shack, the prior parent company of Brick House Tavern + Tap (Ignite Restaurant Group) filed for bankruptcy in mid-2017. Due to the strength of this unit, however, it should be noted that not a single rent payment was ever missed at this site through the entirety of bankruptcy proceedings. In late 2017, this unit and 10 other strong performing Brick House Tavern + Tap locations were enthusiastically acquired by Kelly Companies – a large San Diego based private equity firm that operates 12 varying restaurant concepts and has investment holdings in 27 states. As a long-term demonstration of commitment to this site, the primary term of the lease has recently been extended through 2032 with option periods extending through 2052. Notably, there are $12,000 rent increases structured into the absolute net lease every five years during the primary term of the lease and 10 percent rent increases structured into each of the four, five-year option periods.